Skip to comments.Mortgage buoy sinks some homeowners in Hampton Roads (can't wait for health care)
Posted on 08/16/2010 5:26:25 PM PDT by blueyon
Michele McBeth was not behind on her house payments and never had been. But money was tight for the Norfolk elementary school teacher in 2009. She hadn't seen a raise in years, and her son would soon be starting college.
McBeth was looking for any way to relieve some of the strain on her budget, so she contacted her mortgage company to see whether it could lower her payments.
The company offered help through the U.S. Treasury Department's Making Home Affordable program, and McBeth signed on to a trial loan modification.
Now, almost a year later, McBeth is facing foreclosure.
(Excerpt) Read more at hamptonroads.com ...
JUST WAIT UNTIL THEY HANDLE HEALTH CARE
First of all you don’t qualify for the loan mod if you are current on your mortgage. Second, the banks are a mess and don’t know which end is up.
These people don’t understand this administration and our current Congress are going to hurt them anyway they can.
Her mortgage company told her to skip two payments and then to pay less each month for her reduced mortgage. By the time they refused her mod., she was behind 3 months.
Read the article. The whole program is a cluster%$^#.
read the article?! That would break a great FR tradition.
Yeah the banks are hosed. Left hand doesn’t know what the right hand is doing. In many cases they have the paperwork so screwed up they couldn’t tell a person which way to go.
Her son is starting college soon? She and her husband are struggling with their mortgage and they’re even CONSIDERING paying his college tuition?
Then people who trust them will DIE.
You know, this is a common problem and illustrates how hard it is to cut the federal or state budgets. NO ONE wants to do with less. It is that simple. Don’t believe me? Then try this simple plan.
Cut YOUR budget 10% for the next six months. That’s right, total up what you owe and cut 10% total from your budget for just 6 months. Most folks can’t do it, or I should say WON’T do it.
I saw all this coming down 6 months before the election, and cut my budget then 20%. I have since gone back up to 15% less. The problem most people have is that they won’t stop spending money, JUST LIKE THE FREAKING GOVERNMENT.
Oh the wails of dispair, I hear whenever I mention this, but most folks I know are spending more this year than last, despite many being unemployed. Cut out a cell phone-nope can’t do it. Cut back on cable-I need my NFL. Cut back on the A/C or heater-nope. Stop eating out as much or completely-whatever. Seriously, the excuses are a coming think and heavy.
And yes, I hear some of them planning to spend for college when one or both of them are unemployed. I just shake my head. Not to sound pompous, cause I have a bankruptcy in my past years ago, but I did learn from it and never plan to go there again.
Oh yea, cut up the credit cards-sorry I might need them. So yes, I can see how most EVERYONE is in deep do do, cause almost none of us are really serious about cutting spending.
I’m from the Government and I’m here to help you! Bulls*&#!
Great rant! I agree with you point-for-point.
I’ve had the same experience of employees wailing that they don’t have enough to pay the rent. So, I suggest a really nice apartment with a payment less than 1/2 the one they are now in. But it’s in Pomona. “Oh, no, I wouldn’t live there; gangs (read, “other races”), blah, blah.” None of their concerns are substantially true, but Pomona isn’t beautiful suburban Fullerton. Phhht!
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